Facebook Shows Why Having Your Own Customer Data Is Important

Facebook, understandably, wants to restrict as much data as it can, about its customers. In part to protect their privacy, but I’m guessing also to use the data for itself and to sell the data to partners.

The Wall Street Journal writes, “Dozens of startups that had been using Facebook data have shut down, been acquired or overhauled their businesses. Political consultants are racing to find new ways to tap voters’ social connections ahead of the 2016 presidential election.

“Facebook giveth and Facebook taketh away,” said Nick Soman, who collected the locations of Facebook users’ friends to enhance his anonymous-chat app, Reveal. He later sold the app to music service Rhapsody International Inc. Mr. Soman said he admires Facebook, but learned a lesson about relying on third parties for a key component of his app.”

What should this be telling you? It’s best o build your own database of customer and prospect information. Drive people to your own web site, provide them something of value in exchange for contact information. Over time you can nurture more and more information from them based on their purchases and online indicators.

You can read a step by step guide to creating lead magnets here, from Infusionsoft.

Social media is great – but the social networks own that data – you (the marketer) do not.